H RESULTS BOLOGNA, SEPTEMBER 4 TH 2017
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1 H1 RESULTS BOLOGNA, SEPTEMBER 4 TH
2 H1 GROUP 2
3 GROUP OVERVIEW STRONG GROWTH TRACK RECORD AND MOMENTUM STRATEGIC LOCATION AND WEALTHY CATCHMENT AREA H1 Among top 50 airports in Europe # 7 airport in Italy by passengers 1 #4 airport in Italy by global connectivity 2 #5 airport by cargo 1 Relevant gateway to both high speed rail networks and motorways in North-Central Italy Strong industrial presence and higher GDP compared to Italian average 24.8% pax market share 75% international passengers WELL BALANCED MULTI SERVICE BUSINESS MODEL SOLID ECONOMIC AND FINANCIAL PERFORMANCE Balanced mix of network, regional and low cost carriers World and regional, business and leisure destinations at hand Non aviation revenues at approx. 40% of total Concession agreement until 2044 Excellent revenue and EBITDA growth FY 2016 vs FY 2015 (+12.8% and +18,1%) Net profit increase FY 2016 ( 11.4 ml) data, Assaeroporti Italian Airports Association 2 Factbook ICCSAI 2016
4 GROWTH OUTPACING ITALIAN AND EU AVERAGE OVER THE LAST 8 YEARS H CAGR +7.0% (1) +3.4% (1) +3.6% (2) 13.3% 15.3% 11.5% 7.0% 6.8% 6.4% 4.0% 6.2% 4.5% 4.7% 4.5% 4.6% 6.7% 6.6% 1.2% -2.3% -1.3% -1.9% H1 BLQ ITALIAN AVERAGE 4 1 Assaeroporti including charter, general aviation and interlining: years EU figures refer to western European Airports. Data, ACI Europe - Airport Traffic Reports
5 CLEAR AND WELL-DEFINED STRATEGY H1 NETWORK EXTENSION and traffic growth NON-AVIATION BUSINESS Enhancement INFRASTRUCTURE DEVELOPMENT for capacity increase EFFICIENCY, INNOVATION and Service Quality 5
6 H1 : STRATEGY AND EXECUTION NETWORK EXTENSION & INCREASE IN PASSENGERS NON-AVIATION BUSINESS ENHANCEMENT H1 Passengers (+6.6%) and ATM (+3.6%) increase Legacy traffic growth +10.3% vs H (Ernst Airlines - Tirana, Dart Airlines - Kiev, Alitalia - Rome FCO, TAP - Lisbon, Jetairly - Marrakech, Air Dolomiti - Munich) Approx ml in H1 Non- Aviation Revenues vs H Parking revenues increased by 5.9%, Retail and Advertising by 10.1% and Passenger Services by 12.5% INFRASTRUCTURE DEVELOPMENT EFFICIENCY, INNOVATION AND QUALITY SERVICE Terminal expansion planning: design activities in progress. 6.9 ml for Investments in infrastructure maintenance and development Ongoing focus on cost and quality control Investments with the main target to improve operation flows and passenger experience 6
7 THE PAX GROWTH MULTIPLIER EFFECT PASSENGERS AND PROFITABILITY (VAR% H1 17/16) 6.6% 7.7% 34.7% 87.2% H1 H1 3.8 ml PAX 45.2 ml REVENUES 14.7 ml EBITDA 7.0 ml NET PROFIT GROUP REVENUES BREAKDOWN SBU AVIATION SBU NON AVIATION H1 59% 41% H % 41% 7 GROWTH DRIVEN BY INCREASE IN PAX VOLUMES, TRAFFIC MIX, IMPROVEMENT OF AVIATION PROFITABILITY, DEVELOPMENT OF NON-AVIATION BUSINESS AND EFFECTIVE COST CONTROL
8 H1 H1 8
9 H1 KEY Passengers and ATM growth thanks to the start up of new destinations and increases in frequency in Summer. H1 Legacy traffic growth (+10.3%) driven by International destinations and also by domestic passengers recovery. Ongoing load factor growth. Good aviation performance thanks to traffic growth, traffic mix and lower traffic incentives. Improvement of the Aviation Business Unit profitability. Positive non-aviation performance driven by leverage on traffic increase, higher retail profitability and enhancement of passenger services. Operating costs increase less than proportionally compared to revenues. Including one-off energy costs, operating costs decrease compared to H ml for Investments in infrastructure maintenance and development. 9
10 H1 KEY FIGURES H1 EBITDA 14.7 ml +34.7% vs H NET PROFIT 7.0 ml +87.2% vs H REVENUES 45.2 ml +7.7% vs H PASSENGERS 3,827,978 PAX +6.6% vs H
11 H1 TRAFFIC INSIGHT H1 H VAR % H1 17/16 Passengers 3,827,978 3,590, % H1 ATM* 34,507 33, % MTOW 2,171,841 2,124, % Cargo 28,088,373 23,757, % PASSENGER BREAKDOWN BY CARRIER AVIATION KEY METRICS 0.8% 0.8% 59.2% 57.8% 77.2% % % 41.4% 11 H H1 Legacy Low Cost Other ** * Air Traffic Movements ** Other includes charter, general aviation and interlining H H1 Seats Load Factor Pax/Mov (#) Avg. Take-Off Weight (tons)
12 H1 TOTAL REVENUES EURO THOUSANDS H1 H VAR % H1 17/ 16 Aeronautical Revenues 24,612 20, % H1 Non Aeronautical Revenues 18,150 16, % Revenues for Construction Services* 2,148 3, % Other Revenues % Revenues 45,213 41, % Revenues adj 43,065 38, % AERONAUTICAL REVENUES: growth mainly due to trend of passengers, legacy traffic increase and actions on aviation profitability NON AERONAUTICAL REVENUES: growth in all main areas, parking, retail and passenger services 12 * IFRIC 12
13 AVIATION AND NON-AVIATION BUSINESS REVENUES SEGMENT SHARE H1 AVIATION & NON-AVIATION EBITDA H1 /2016 ( 000 ) +2.6% H1 41% 59% 8,826 9, % 5,643 2,082 H H1 AVIATION NON AVIATION AVIATION NON AVIATION BUSINESS UNIT AVIATION ( 000 ) H1 H VAR % H1 17/16 BUSINESS UNIT NON-AVIATION ( 000 ) H1 H VAR % H1 17/16 13 * IFRIC 12 ** IFRS 15 Passengers 23,626 22, % Airlines 10,845 10, % Airport operators 1,530 1, % Traffic incentives (11,425) (13,203) -13.5% Constructions revenues* 1,576 3, % Other aviation revenues % Fees reduction for doubtful receivables** (125) 0 n.m. Total Revenues AVIATION 26,727 24, % EBITDA AVIATION 5,643 2, % Retail and Advertising 6,255 5, % Parking 7,092 6, % Real estate 1,123 1, % Passenger services 2,459 2, % Constructions revenues* % Other non aviation revenues 985 1, % Total Revenues NON-AVIATION 18,486 17, % EBITDA NON-AVIATION 9,055 8, %
14 AVIATION AND NON-AVIATION BUSINESS REVENUES BREAKDOWN (%) EBITDA BREAKDOWN (%) H1 41% 59% H1 62% 38% 19% 41% 59% H % AVIATION NON AVIATION 14
15 NON-AVIATION REVENUES RETAIL REVENUES/DEPAX RETAIL H1 H H1 FACTORS ENABLING THE TREND: Passenger growth Higher retail profitability PARKING REVENUES/DEPAX PARKING FACTORS ENABLING THE TREND: Passenger growth Opening of a new car parking area H H1 15
16 OPERATING COSTS: TIGHT COST CONTROL IN PLACE OPERATING COSTS BREAKDOWN ( 000 ) H1 31,063 5,568 3, % 30,515 6,259 2,046 8,993 8,688 12,849 13,522 H H1 PERSONNEL SERVICE COSTS 1 CONSTRUCTIONS COSTS 2 OTHER 3 OPERATING COSTS -1.8% NET OF SERVICE COSTS AND ONE-OFF ENERGY COSTS +6.1% Personnel (+5.2%) increase in staff costs due to: A. last tranche of the National airport labour contract in place since July 2016; B. growth in headcount, partially related to: traffic growth (higher headcount in security area); Enhancement of airport perimeter supervision. Services costs (-3.4%) decrease due to: A. One-off energy costs write-off; B. Lower maintenance costs. Construction costs (-44.0%) due to lower investments related to concession rights 1 Services: includes outsourced services, maintenance, utilities costs, G&A, marketing agreements with airlines not linked to volumes 2 IFRIC 12 3 Other: includes consumables and goods, rental fees and other costs and other operating expenses 16
17 EBITDA H1 GROUP EBITDA ( 000 ) 3,755 1,193 (1,688) (18) (673) 305 (691) 1,607 14,698 H1 10,908 EBITDA H Aeronautical Revenues Non Aeronautical Revenues Construction Revenues (1) Other Revenues Personnel Services costs (2) Other costs (3) Constructions Costs (1) EBITDA H1 ACTIONS IN PLACE Traffic Mix, Improvement of Aviation Unit Profitability, Focus on Non Aviation EBITDA DRIVERS Revenues ml Cost Discipline and Continuous Careful Cost Management Opex -0.5 ml 17 1 IFRIC 12 2 Services: includes outsourced services, maintenance, utilities costs, G&A, marketing agreements with airlines not linked to volumes. 3 Other: includes consumables and goods, rental fees and other costs and other operating expenses.
18 H1 MAIN INVESTMENTS IN INFRASTRUCTURE MAINTENANCE AND DEVELOPMENT TERMINAL EXTENSION PLANNING PEOPLE MOVER NEW STAFF/MBL ACCESS H1 FINAL DESIGN ACTIVITIES IN PROGRESS 2 nd TRANCHE OF CONTRIBUTION FOR REACHING 66% OF THE AIRPORT WORK SITE NEW DEDICATED STAFF AND MBL PASSENGERS ACCESS 6.9 ml Capex: 6.2 ml Airport Infrastructure Provision: 0.7 ml 18
19 CONSOLIDATED PROFIT & LOSS H1 EURO THOUSANDS H1 H VAR H1 17/16 VAR % H1 17/16 Revenues 1 45,213 41,971 3, % Operating Costs -30,515-31, % EBITDA 2 14,698 10,908 3, % EBITDA Adjusted* 13,969 10,725 3, % Concession Rights Amortization -2,750-2, % Amortization & Depreciation -1,313-1, % Amortization and Depreciation 3-4,063-3, % Provision for Doubtful Accounts n.m. Airport Infrastructure Provision , % Other Accruals n.m. Provisions , % Total Costs -35,422-36, % EBIT 9,791 5,898 3, % Financial Income % Financial Expenses % EBT 9,745 5,307 4, % Taxes 5-2,730-1,560-1, % Net Profit (loss) 6 7,015 3,747 3, % Minority Interest % Group Net Profit 6,919 3,712 3, % REVENUES (+7.7%) traffic increase, lower traffic incentives and improved non-aviation performance EBITDA (+34.7%) increase in aeronautical and non-aeronautical revenues and decrease in operating costs AMORTIZATION, DEPRECIATION AND PROVISIONS -2.1% ( +10.6% amortization and depreciation and -36.8% provisions) FINANCIAL INCOME AND EXPENSES Positive effect due to income from discounting provisions and lower interests TAXES due to higher EBT and new rules on ACE NET PROFIT +7.0 ml 19 * Net of construction works and one-off energy costs
20 CASH-FLOW H1 CASH FLOW ( 000 ) 14,780 (8,821) H1 20,110 (1,801) (12,917) 11,351 Liquidity 31/12/2016 Operating FCF before change in NWC Var NWC & other operating items Cash flow from investing activities Cash flow from financial activities Liquidity 30/06/ Positive OFCF reduced by NWC changes Cash flow from investing a) capex ( 6.2 ml) b) collection of 4.4 ml from plain vanilla investments Cash flow from financing a) dividend payment ( 10.0 ml) b) repayments of loans and other financial debts ( 2.9 ml) 20
21 NET FINANCIAL POSITION H1 NET FINANCIAL POSITION ( 000 ) H1 8,459 (8,759) EURO THOUSANDS 30 Jun 31 Dec 2016 Change Liquidity 11,351 20,110 (8,759) Current financial receivables 14,687 22,085 (7,398) Current bank debt (45) (70) 25 Current portion of non-current debt (5,804) (5,800) (4) Other current financial debt (4,256) (2,970) (1,286) Current financial debt (10,105) (8,840) (1,265) (7,398) (1,265) 2,891 (6,072) Net current financial debt 15,933 33,355 (17,422) Non current financial debt (22,005) (24,896) 2,891 Net financial position 31/12/2016 Liquidity Current financial receivables Current Non-current financial debt financial debt Net financial position 30/06/ Net Financial Position (6,072) 8,459 (14,531) Financial instruments with a maturity of over 12 months 13,949 10,990 2,959 H1 Net Financial Position of approx (6.1 ml) Not including financial instruments with a maturity of over 12 months as per IFRS 7 21
22 SOLID FINANCIAL AND CAPITAL STRUCTURE H1 CONSOLIDATED ASSET & FINANCIAL SITUATION ( 000 ) H1 20,110 11, Dec , Jun 33,736 32, , , Dec Jun -6, Liquidity Net financial position Gross Debt* Equity 31 Dec Jun 22 * Current and non current financial liabilities
23 MONITORING OF QUALITY SERVICES AND PASSENGER EXPERIENCE SERVICE QUALITY CUSTOMER SATISFACTION INDEX H1 98.7% 96.8% H H1 AIRPORT SERVICE QUALITY Customer Satisfaction Index: ENAC (Italian Civil Aviation Authority) indicators (Carta dei Servizi) comparison with Italian regional airports focus on airport services performance Airport Service Quality: ACI World Airport Council International panel includes more than 250 airports worldwide focus on airport passenger experience H H1 23
24 H1 24
25 : NEW CONNECTIONS AND NEW FREQUENCIES H1 NEW FLIGHTS NEW FREQUENCIES New daily flights to Naples, 3 weekly flights to Praga, 2 weekly flights to Cologne and 2 weekly flights to Bratislava operated by Ryanair starting Winter /18 Barcelona operated by Ryanair from 7 weekly flights to 9 weekly flights starting Winter /18 25
26 FINANCIAL CALENDAR 20th March CONSOLIDATED FY 2016 RESULTS H1 27th April ANNUAL SHAREHOLDERS' MEETING 15 th May CONSOLIDATED Q1 RESULTS 4 th September CONSOLIDATED H1 RESULTS 13 th November CONSOLIDATED 9M RESULTS 26
27 DISCLAIMER This document has been prepared by Aeroporto G. Marconi di Bologna S.p.A. (AdB) solely for use at the presentation to potential institutional investors it is not to be reproduced or circulated and is not to be used in the United States, Canada, Australia or Japan. The information contained in this document has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of AdB or any of their representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwise arising in connection with this document. This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. Neither this document nor any part or copy of it may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States, or to any U.S. Person as that term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the Securities Act ). Neither this document nor any part or copy of it may be taken or transmitted into or distributed directly or indirectly in Australia (other than to persons in Australia to whom an offer of securities may be made without a disclosure document in accordance with Chapter 6D of the Corporations Act 2001 (Cth.), or taken or transmitted into Canada or Japan, or distributed directly or indirectly in Canada or distributed or redistributed in Japan or to any resident thereof. Any failure to comply with this restriction may constitute a violation of U.S., Australian, Canadian or Japanese securities laws, as applicable. The distribution of this document in other jurisdictions may also be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. In this case no reliance will be placed on AdB. The statements contained in this document that are not historical facts are "forward-looking" statements (as such term is defined in the United States Private Securities Litigation Reform Act of 1995), which can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "should" or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. These forward-looking statements, such as the statements regarding AdB s ability to develop and expand its business, the effects of regulation, changes in overall economic conditions, capital spending and financial resources and other statements contained in this document regarding matters that are not historical facts involve predictions. No assurance can be given that the anticipated results will be achieved. Actual events or results may differ materially as a result of risks and uncertainties facing AdB and its subsidiaries. Such risks and uncertainties include, but are not limited to, increased competition and regulatory, legislative and judicial developments that could cause actual results to vary materially from future results indicated, expressed or implied in such forwardlooking statements. By viewing the material in this document, you agree to the foregoing. 27
28 THANK YOU FOR YOUR ATTENTION! For additional information: INVESTOR RELATIONS Nazzarena Franco Strategy Planning and Investor Relations Director Tel: / Bologna, September 4 th 28
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